Zimbabwe’s Finance Minister, Mthuli Ncube, is struggling to explain a very serious problem. The country’s local currency, Zimbabwe Gold (ZiG), is losing value fast. It has now become the worst-performing currency in the world. This is shocking because the government told everyone that the ZiG is backed by gold — one of the most valuable resources on earth.
Gold prices have gone up a lot this year. In 2024 alone, gold rose by over 28%. It started at $590.16 per ounce and went up to $2685.49 in September. Normally, when a currency is backed by gold, it becomes stronger, especially when the price of gold increases. But for Zimbabwe, the opposite is happening. The ZiG is falling while gold is rising. This makes no sense to ordinary people, and they are demanding answers.
Ncube tried to explain, but he failed. His answers were unclear, full of confusion, and made worse by his struggle to speak proper Shona — one of Zimbabwe’s main languages. Instead of making people feel better, his speech made them even more worried.
Zimbabweans have faced many currency problems before. They remember the days of the Zimbabwe dollar, hyperinflation, and losing their savings. So when the government introduced the ZiG, people hoped it would be different. They were told it was safe because it was backed by real gold. But now, they feel betrayed. The currency is collapsing, prices are rising, and life is getting harder.
This raises big questions. Is the ZiG really backed by gold? Does the government even have enough gold to support the currency? If gold is going up, why is the ZiG going down? These are the questions Ncube and the government are refusing to answer properly.
Some experts say the real problem is not gold — it’s the government itself. Corruption, bad leadership, and broken promises have destroyed trust. No matter how much gold is in the vault, people won’t believe in the currency if they don’t believe in the leaders managing it.
Others believe that Zimbabwe’s troubles are also linked to bigger global problems. Many countries are struggling with inflation and economic pressure. But still, Zimbabwe is doing much worse than its neighbours. That suggests something is seriously wrong at home.
A stable currency is very important for any country. It helps businesses plan, it gives people confidence, and it keeps prices stable. Without it, everything falls apart. Zimbabwe has already lost years of growth because of past currency disasters. Now, with the ZiG failing, the country risks going back down the same painful road.
So far, Mthuli Ncube has not given any real plan to fix things. He hasn’t explained why the ZiG is failing or how the government will protect people from rising prices. Zimbabweans are being told to trust a system that is clearly broken.
The government must stop hiding. It must show proof that the ZiG is backed by gold. It must come up with a serious plan to save the currency. It must speak clearly, honestly, and in the language of the people. Without this, confidence will continue to collapse, and the economy will suffer even more.
Zimbabweans deserve better. They deserve truth, not excuses. They deserve leadership that solves problems, not leaders who pretend everything is fine. The ZiG was supposed to be a solution — but now, it is just another failed promise. The question is: how much longer can people survive on promises alone?